Telecel Negotiates for Extension of Zimbabwean Operator License
Officials from Orascom Telecom are flying to Zimbabwe this week to negotiate with the government for an extension of the mobile operator license held by its subsidiary, Telecel.
The company, which is 60% owned by Egypt's Orascom Telecom was recently warned that it may have its mobile license revoked if it doesn't sell a majority of its shares to local shareholders.
The other 40% shareholder is a holding company, Empowerment Corporation controlled by President Mugabe's nephew, Leo Mugabe. The government requires that local shareholders own at least 51% of telecoms companies.
Company spokesperson Obert Mandimika confirmed to News Day the arrival of the team from Orascom, but could not divulge much.
"We can confirm that representatives from our parent company will be here this week to meet relevant authorities regarding the licence renewal for Telecel Zimbabwe," said Mandimika.